Leasing (Tables)

3 Months Ended

Mar. 31, 2023

Leases [Abstract]

Lessee, Operating Lease, Liability, Maturity

The following table presents future minimum rental payments we are required to make under operating leases that have commenced as of March 31, 2023, and that have noncancelable lease terms expiring after March 31, 2023.

($ in millions)
2023	$	26
2024	32
2025	26
2026	20
2027	16
2028 and thereafter	18
Total undiscounted cash flows	138
Difference between undiscounted cash flows and discounted cash flows	(8)
Total lease liability	$	130

Lease, Cost

The following table details the components of total net operating lease expense.

	Three months ended March 31,
($ in millions)	2023		2022
Operating lease expense	$	7	$	8
Variable lease expense	1		1
Total lease expense, net (a)	$	8	$	9

(a)Included in other operating expenses in our Condensed Consolidated Statement of Comprehensive Income.

Schedule of Property Subject to or Available for Operating Lease

The following table details our investment in operating leases.

($ in millions)	March 31, 2023		December 31, 2022
Vehicles	$	12,148	$	12,304
Accumulated depreciation	(1,912)		(1,860)
Investment in operating leases, net	$	10,236	$	10,444

Lessor, Operating Lease, Payments to be Received, Maturity

The following table presents future minimum rental payments we have the right to receive under operating leases with noncancelable lease terms expiring after March 31, 2023.

($ in millions)
2023	$	1,179
2024	1,058
2025	533
2026	152
2027	13
Total lease payments from operating leases	$	2,935

Depreciation Expense on Operating Lease Assets

The following table summarizes the components of depreciation expense on operating lease assets.

	Three months ended March 31,
($ in millions)	2023		2022
Depreciation expense on operating lease assets (excluding remarketing gains) (a)	$	273	$	267
Remarketing gains, net	(47)		(50)
Net depreciation expense on operating lease assets	$	226	$	217

(a)Includes variable lease payments related to excess mileage and excessive wear and tear on vehicles of $2 million during both the three months ended March 31, 2023, and 2022.

Finance Lease, Liability, Maturity

The following table presents future minimum rental payments we have the right to receive under finance leases with noncancelable lease terms expiring after March 31, 2023.

($ in millions)
2023	$	130
2024	148
2025	129
2026	80
2027	40
2028 and thereafter	15
Total undiscounted cash flows	542
Difference between undiscounted cash flows and discounted cash flows	(56)
Present value of lease payments recorded as lease receivable	$	486